The Central African Republic Proposes to Tokenize Its Resources
June 3, 2022The Central African Republic (CAR) has disclosed the next phase in its bitcoin adoption path in a press release. The country revealed its intention of tokenizing access to its natural resources.
According to the presidential press release, the Central African Republic government would provide tokenized access to mineral resources to crypto and digital asset enterprises that establish a presence in the country. Project Sango will be in charge of the natural resource tokenization push.
The government unveiled Project Sango in May after approving a law recognizing bitcoin as legal cash the previous month. CAR is the first African country to recognize bitcoin as legal tender, becoming the world’s second after El Salvador to do so.
In addition to petroleum, CAR has mineral reserves such as diamonds, copper, and rhodium. Gold, limestone, cobalt, and manganese are among the country’s natural resources.
Despite its enormous natural resources, the landlocked African country remains one of the world’s least developed. The tokenization of these “huge geological assets” provides a means of developing new investment prospects in the country, according to President Faustin Archange Touadera.
